How are they to work for? Is the employment relatively “safe”, given the current economic conditions? I thought the pay would not be good, but what are your stories?
In what aspects? Planned giving? Donor/Alumni relations? The investment management? As far is pay–it’s good.
Pay is not as good as HFs or FOFs. I’ve gotten calls from headhunters about endowment portfolio management positions and they generally quote total comp numbers about 40-60% below what a person of similar seniority in a similar role would make at a HF (direct investing) or FOF (asset allocation, manager selection).
It is in investment management. It’s in a 2nd tier city pay wise (not NY, SF or LA), so I’m thinking probably 85-95k for an analyst? Guess it really depends. It’s at a decent university, so taking free classes could be a key benefit.
Sure headhunters quote 40-60% below market, how else are the recruiters going to get paid…
Read carefully, I said the endowments, not the headhunters. It is a fairly well known fact that endowments and pensions do not pay anywhere as lucratively as hedge funds and fund of funds.
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BTW, go Pitt…mostly 'cause I have no idea where Xavier is even located. At least Pitt has that embedded in the name…
Really depends on the size of the Endowment. Any small endowment >50mil is going to have a very limited staff. Larger endowments are going to have roughly the same pay as smaller state pensions. Elite endowments (think Gates & Melinda) are going to have near-superstar managers and can pay potential million dollar bonuses. Entry level jobs are going to pay ~30k. I doubt you will ever see over 60k at a smaller Endowment.
Agree with JTLD, the pay is less than at a FoF or something, but there is a lifestyle difference with it as well, more relaxed and secure, just different things entirely. You will not make 30k, that is just ridiculous. You might be closer on that 85-95k idea depending on the size of the endowment and your role. An endowment less than 50M is a waste of time to be a part of.
Entry level jobs at endowments doing what pay 30k? That’s crazy for a cfa holder or college graduate from a decent school fof that matter. Yah, I am interviewing for a major university endowment. Staff is not huge but assets are certainly high enough to justify a decent salary. I’m currently at a fund of funds so this would be basically a lifestyle and job security move, should I choose to make it. I guess I’ll get a better sense of it in the interview…feels like working for a uni could be nice and perhaps much lower pressure. I’d rather spend more time having fun and less time catering to clients’ and marketing people’s perceived needs.
Well 30k for small endowment with 1-3 years of experience. But it all depends on the size of the endowment. My friend interview for a university endowment w ~200mil entry level for 35k If your working at a shop with >1bill I think you can make decent coin. ~100k all in if w/CFA and up to 10 years of experience from BO to Front Office. You won’t get rich working for an Endowment. I would stay put at the HFoF. Lets say its a large Endowment 1-3bill, at a lower cost of living city. I would guess the following… ~50k for 1-5 years of experience ~80k for 6-8 years of experience ~100k for 10 years of experience w/CFA
BiPolarBoyBoston Wrote: ------------------------------------------------------- > Well 30k for small endowment with 1-3 years of > experience. But it all depends on the size of the > endowment. My friend interview for a university > endowment w ~200mil entry level for 35k > > If your working at a shop with >1bill I think you > can make decent coin. ~100k all in if w/CFA and up > to 10 years of experience from BO to Front Office. > You won’t get rich working for an Endowment. I > would stay put at the HFoF. > > Lets say its a large Endowment 1-3bill, at a lower > cost of living city. I would guess the > following… > ~50k for 1-5 years of experience > ~80k for 6-8 years of experience > ~100k for 10 years of experience w/CFA I think this is more accurate than most people think. See my comments on another thread about people in finance having a very skewed perception of realistic compensation. Not everyone graduates from college making 90K a year in an entry level investment banking job. I volunteer in my school’s alumni career mentoring program and I see a lot of very bright kids starting their careers at $30K or $40K in finance positions. And this was before the sh!t hit the fan on Wall Street.
What about in Boston or Chicago? I’m 1-5 years with cfa. Also, what if you’re a really cool person and ask nicely for more money? Hmmmm, hours are probably like 8 hrs a day or less unless you’re off site on some DD?
I agree a lot depends on your experience. That said, 100k for 10yrs+CFA is something I have never heard of and refuse to believe it is near true. It can be a good place to meet a ton of people for the future, whether thats managers or others in the community…in case you look to exit as some point (probably when you have 10yrs exp and your charter and they are trying to pay you 100k!)
It REALLY depends on the size of the Endowment. If they only have 50-100mil AUM I really can’t see anyone making more then 50-60k maybe 70k even if you were the CIO from CalPers. If you work at a fund w/500mil AUM I’m guessing the head can break low to mid 100s. Much less for everyone else. 4-8hr days. More hours towards the end of quarters and you have to present to the board and try to keep your job. The amount of travel will depends on the amount of alternatives they have in the portfolio. You should do some research - Pay for Endowments are VERY SIMILAR to pay to State Pensions so go online and search for smaller public funds. Most state post the pay of public employees on the website.
Yeah I think public institutions have to list pay somewhere, at least for certain level of employee (look for CIO) @ for pensions as well as uni’s. check NACUBO’s site. If its about dollars you will be better off where you are most likely. Care to spill the AUM?
Check out MA’s http://www.bostonherald.com/projects/payroll/massachusetts/last_name.ASC/TRE//1/ These guys run PRIM with ~40billion the last i heard. Guess what, Cops make more then most of the guys who work with the State Pension fund! These guys are MBAs w/CFA! Some guy who just passed level 3 working at Wellington/SSgA/GMO/Eaton Vance/IRM/Loomis make close to what these guys are making.
Haha, Director of Investments is pulling down $89,000 a year. That is sh!tty but not much lower than most senior endowment roles. I was recruited a while back by an Ivy League endowment (not Harvard or Yale) with a pay range of 150-200K for someone with 10+ years of investment experience and CFA.
Endowment is well over $500 mil. It is not a public university, if that matters at all on pay. I’m thinking more along the lines of work/life and am wondering if I can take some free classes toward an mba or other degree. Like I said, it’s a decent school, not Ivy buy I think the pay would be comparable (non Harvard or Yale, obviously).